Pakistan Hosiery Manufacturers and Exporters Association (PHMEA) has urged the Federal Board of Revenue (FBR) to immediately clear the Rs12 billion stuck-up amount of exporters to bailout the knitwear industry.
PHMEA Chairman North Zone Usman Jawwad said that the industry was currently facing severe liquidity crunch. He said, “If this amount is released, it would help improve financial structure of the industry.”
PHMEA former chairman Shahzad Azam Khan said that the Finance Minister Ishaq Dar in his budget speech loudly announced that all the sales tax refunds would be cleared by September 30, 2014 while the improved automated system would ensure refunds within 90 days but his words did not come true as refund cases have not yet been disposed off.
He was of the view that the Textile Policy 2014-19 aims at doubling the export of textiles from present volume of about US 13 billion dollars to US 26 billion dollars over the next five years by enhancing value addition. This target is achievable if the government policies will be truly implemented, he added.
